Of the 20 million students who attend college in the United States every year, about 60 percent of them rely on student loans to pay tuition.
That creates long-term debt that many graduates have a hard time keeping track of, especially when they have loans from government agencies, private lenders, and other sources.
Tuition.IO makes it easier for people to monitor their loans, find ways to make repayment easier, and determine how much they can save by adjusting their repayment schedules.
Plus, it’s completely free to use. That’s a big advantage for graduates trying to minimize expenses.
Making Loan Payments Easier to Understand
Tuition.IO offer graphics that makes it easier for people to understand their loan options, amounts, and interest rates. A lot of people find it difficult to truly visualize what numbers mean. When they see visual representations, though, they can make confident decisions with more accurate information.
Organize Your Loans
You get to see all of your loans in one place, including those from private as well as government lenders. That can help you understand how much you owe overall and prioritize payments so you payoff higher-interest loans first.
Tuition.IO also shows you a calendar with important dates. As long as you check your account, you’ll never have to worry about accidentally missing another due date, which can lead to late fees and other fines.
Figure Out the Smartest Way to Save Money
Graduates have plenty of repayment options. Tuition.IO helps them figure out which options make the most sense for the individual. That’s one of the big advantages of using Tuition.IO. It doesn’t give you generic information. It gives you information about your specific loans and repayment options.
How does this help you save money? For one thing, it can show you how paying slightly more each month could drastically reduce your overall repayment amount. Let’s say you have a $10,000 Stafford Loan with 6.8 percent interest. If you repay the loan over 15 years, then you make 180 payments of $88.77.
That’s a pretty cheap monthly payment, right? Still, over the course of repayment you shell out nearly $6,000 in interest.
If you spend $100.00 a month (just $11.33 more), you only make 148 payments and you spent a total of $4,800 in interest. Those are huge savings for such a small change.
Tuition.IO makes it easier for you to figure these things out so that you can save money and get out of debt faster.
Considering that Tuintion.IO is free to use, it certainly doesn’t hurt to give it a try. It has the features that most students need to understand their loans and repayment options better, so why wouldn’t you at least try it for a few months?